Aircastle lifts revolver to $335 million by adding three new lenders

By Toni Weeks

San Luis Obispo, Calif., Aug. 6 - Aircastle Ltd. amended and restated its existing unsecured revolving credit agreement on Aug. 2, lifting total commitments to $335 million from $150 million, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company may increase total commitments to up to $400 million under certain circumstances and with lender approval.

Interest will accrue at Libor plus 225 basis points.

The agreement matures in three years on Aug. 2, 2016.

The company added three new lenders - Credit Agricole Corporate & Investment Bank, DBS Bank Ltd., Los Angeles Agency and Union Bank, NA - to the lender syndicate, which also includes Goldman Sachs Bank USA, JPMorgan Chase Bank, NA and Royal Bank of Canada. Citibank, NA is the administrative agent and also a lender.

The agreement requires Aircastle to maintain an unencumbered asset-to-unsecured-debt ratio of 1.25 to 1.00 and a minimum consolidated net worth of $750 million.

Borrowings may be used for working capital and general corporate purposes.

Aircastle is a Stamford, Conn.-based acquirer, leaser and seller of high-utility commercial jet aircraft.

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